There is no question that the #regtech and #fintech markets are
bringing to the table reams of opportunity for any business that needs to keep
in line with the ever growing needs of regulators. This is something that is
happening across the globe. Whilst the western economy is already fully geared
up and regulations are becoming more cumbersome by the day, we are seeing other
continents such as Asia, India and the gulf that are seeking such technologies
to start getting in line with what the west is doing so that they attract more
investment.

The advantages that such solutions are bringing to the table are
making the process of compliance incredibly more efficient, and most
importantly they are reducing the risk that organisations are running on their
own data, saving not only on fines but also on reputation – something that
nowadays is key and above everything else.

YET, why aren’t we seeing huge shifts to digitisation? The
only way forward is automation no questions asked, however, the up-take of such
technologies is slow and painful. The larger the organisation the longer the gestation
period, however such technologies lead to the larger benefit. Organisations
still prefer to throw more people at the issue hoping that one day “we will
catch up”.

I do appreciate the challenges imposed by such a shift in
culture and thinking. It requires time, internal politics, resource allocation
and many other huge issues to address. Whatever the case, it makes commercial
sense, so everyone is looking into such application of technology with a view
of “its working fine for the time being, we’ll look at this eventually”.

I strongly believe that the reason behind this is purely
based on the fact that no one realises by how much the impact of such
technology will save the firm, not only in cost savings but on safe-guarding their
reputation and reducing their exposure to risk.

This is why we launched the ROI calculator for companies who
conduct compliance and AML due diligence on their subjects. This very short
anonymous survey will help us in giving you the percentage return on your
investment of KYC Portal and also the ancillary advantage that it brings to the
table.

Give it a go, it will only take you 2 minutes but an eye-opener
as to how fast you should be addressing such technologies.